Author: Vighneswara Swamy Publisher: ISBN: Category : Languages : en Pages : 38
Book Description
The wealth effects on consumption are a subject of continuing interest to economists. The conventional wisdom states that fluctuations in household wealth have caused major fluctuations in economic activity. This study analyses the macroeconomic dynamics of wealth effects in India and examines the nexus between the changes in housing wealth, financial wealth, and consumer spending. Using the quarterly data for the period 2005:1-2016:1, I estimate vector autoregression models and vector error-correction models, relating consumption to income and wealth measures. I find a statistically significant and rather large effect of housing wealth upon household consumption. The results show that (i) wealth effects are statistically significant and comparatively substantial in magnitude (ii) housing wealth effects tend to be greater while stock market wealth effects are considerable (iii) private consumption responses to the shocks to housing market wealth are relatively stronger than to the shocks in stock market wealth. There is a bidirectional causality running from private consumption to the two wealth forms and vice versa. Overall, the private consumption expenditure response to the changes in different wealth forms is observed to be substantial and significant.
Author: Aswini Kumar Mishra Publisher: Springer ISBN: 3319995553 Category : Business & Economics Languages : en Pages : 284
Book Description
This proceedings volume highlights important points of achieving a balanced and sustained growth path from diverse economics and finance perspectives, touching on a wide array of economic and social analyses in India. Featuring contributions presented at the 2018 International Conference on Economics and Finance (ICEF-2018) held at the Birla Institute of Technology and Science, Pilani, Goa, India, the enclosed papers explore topics such as inflation dynamics, information transmission in post-recession era, leverage effect and volatility asymmetry, structural change and economic growth and reforming tax systems, among others. The Indian economy today is remarkable and, not surprisingly, it is growing very rapidly. It has emerged as the fastest growing major economy in the world as per the Central Statistical Organization (CSO) and International Monetary Fund (IMF) and it is expected to be one of the top three economic powers of the world over the next 10 to15 years, backed by its strong democracy and partnership. At the backdrop of impressive progress of the Indian economy during the last two decades, the question that remains to be answered is does India still have a long way to go before it is functioning well as a market economy? This book critically examines the performance of the Indian economy at the national, state and sectorial levels. Featuring contributions from leading academicians, scholars and practitioners from Asia and the rest of the world, this book is an asset to students, professors, scholars, practitioners and policy makers in the areas of India economics, finance and sustainable development.
Author: Laurent Ferrara Publisher: Springer ISBN: 3319790757 Category : Business & Economics Languages : en Pages : 300
Book Description
This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Author: Ms.Valerie Cerra Publisher: International Monetary Fund ISBN: 1513536990 Category : Business & Economics Languages : en Pages : 50
Book Description
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Author: Lars Ljungqvist Publisher: MIT Press ISBN: 9780262122740 Category : Business & Economics Languages : en Pages : 1120
Book Description
A significant new edition of a text that offers both tools and sample applications; extensive revisions and seven new chapters improve and expand upon the original treatment.
Author: Ms.Era Dabla-Norris Publisher: International Monetary Fund ISBN: 1513547437 Category : Business & Economics Languages : en Pages : 39
Book Description
This paper analyzes the extent of income inequality from a global perspective, its drivers, and what to do about it. The drivers of inequality vary widely amongst countries, with some common drivers being the skill premium associated with technical change and globalization, weakening protection for labor, and lack of financial inclusion in developing countries. We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down. This suggests that policies need to be country specific but should focus on raising the income share of the poor, and ensuring there is no hollowing out of the middle class. To tackle inequality, financial inclusion is imperative in emerging and developing countries while in advanced economies, policies should focus on raising human capital and skills and making tax systems more progressive.
Author: Vighneswara Swamy
Author: Daniel Cooper
Author: Aswini Kumar Mishra
Author: Laurent Ferrara
Author: Otaviano Canuto
Author: United States. Bureau of Labor Statistics
Author: 
Author: Ms.Valerie Cerra
Author: Lars Ljungqvist
Author: Ms.Era Dabla-Norris